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Environmental group sends legal warning to pensions over potential LNG investments
Stand.earth says climate and fiduciary risks could leave six pension funds exposed to legal action over LNG megaproject investments.
- Environmental advocacy group Stand.earth and law firm Trudel Johnston & Lespérance warned six major Canadian pension funds against investing in liquefied natural gas projects, citing potential legal risks and climate-related liabilities.
- News broke last week that four pension funds plan to invest in LNG Canada, with a group led by asset manager Blackstone acquiring a stake in the Mitsubishi Corp. subsidiary holding an interest in the facility.
- Climate finance director Richard Brooks said the letters remind funds of their accountability for the $1.6 trillion managed for millions of workers. Anne-Julie Asselin, partner at Trudel Johnston & Lespérance, wrote that "prudence demands an increasingly rigorous assessment" of fossil fuel risks.
- PSP Investments confirmed receiving the letter but rejected the risk assessment, stating its decisions comply with statutory obligations. Asselin said the firm is prepared to take further steps if funds proceed with the investments.
- Separately, the group Shift: Action for Pension Wealth and Planet Health plans to gather outside Ontario Superior Court on Thursday as the CPP Investment Board asks a judge to strike a lawsuit alleging the fund fails to protect long-term interests.
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19 Articles
The Toronto Star+16 Reposted by 16 other sources
Environmental group sends legal warning to pensions over potential LNG investments
CALGARY - Environmental advocacy group Stand.earth has enlisted a high-profile law firm to warn six major pension funds against investing in liquefied natural gas megaprojects, saying climate-related and other risks
·Toronto, Canada
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Total News Sources19
Leaning Left15Leaning Right0Center2Last UpdatedBias Distribution88% Left
Bias Distribution
- 88% of the sources lean Left
88% Left
L 88%
12%
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